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Ukraine Inflation October 2023

Ukraine: Inflation falls to over two-year low in October

Inflation fell to 5.3% in October, following September’s 7.1%. October’s figure marked the weakest inflation rate since December 2020. Looking at the details of the release, lower price pressures for food and for housing, water, electricity, gas and other fuels outweighed a sharper rise in transportation prices in October compared to the previous month.

Accordingly, annual average inflation fell to 17.0% in October (September: 18.7%). Meanwhile, core inflation fell to 6.8% in October, from September’s 8.4%.

Finally, consumer prices rose 0.80% from the previous month in October, accelerating from the 0.49% increase logged in September. October’s result was the highest reading since March.

Analysts at the EIU commented on the outlook:

“Inflation will continue to slow in 2024 as the shocks to the economy dissipate and the country restores some economic normality. […] Expansionary fiscal spending remains a risk for inflation, but the concentration of government expenditure in a single sector, as well as the financing of deficits through aid and concessionary loans, will prevent a serious build-up of inflationary pressures in the wider economy.”

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